• Revenue for the first quarter increased to $183.7 million, up 33% from the prior quarter and up 23% from the first quarter of 2011

• Net income for the first quarter increased 118% quarter-over-quarter and 2% year-over-year to $48.1 million, or $0.35 per diluted share

• Non-GAAP net income for the first quarter increased 73% quarter-over-quarter and 5% year-over year to $52.5 million, or $0.38 per diluted share

• Adjusted EBITDA for the first quarter increased 53% quarter-over-quarter and 3% year-over-year to $84.2 million, or 46% of revenue

“TripAdvisor posted record revenue this past quarter driven by strong growth across our business,” said Steve Kaufer, President and CEO of TripAdvisor. “Our travel community has never been stronger with over 60 million reviews and opinions and adding content at a rate of more than 40 contributions per minute. We continue to extend our market leadership position through real-time innovation across desktop, tablet and mobile and are thrilled with the opportunities in front of us. It is a very exciting time to be at TripAdvisor.”

Discussion of First Quarter 2012 Results

Revenues for the first quarter of 2012 were $183.7 million, an increase of $34.5 million, or 23%, compared to the first quarter of 2011.

• Click-based advertising – Revenues from click-based advertising totaled $144.9 million for the first quarter of 2012, an increase of 20% compared to the first quarter of 2011. Click-based advertising revenue represented 79% of total revenue in the first quarter of 2012, compared to 81% in the first quarter of 2011.

• Display-based advertising – Revenues from display-based advertising totaled $21.6 million for the first quarter of 2012, an increase of 17% compared to the first quarter of 2011. Display-based advertising revenue represented 12% of total revenue in the first quarter of 2012, compared to 12% in the first quarter of 2011.

• Subscription and other – Revenues from subscription and other totaled $17.2 million for the first quarter of 2012, an increase of 67% compared to the first quarter of 2011. Subscription and other revenue represented 9% of total revenue in the first quarter of 2012, compared to 7% in the first quarter of 2011.

For the first quarter of 2012, revenues from the U.S. totaled $95.4 million, and represented 52% of total revenue. Revenues from the U.K. totaled $28.0 million, and represented 15% of total revenue for the first quarter of 2012. Revenues from the rest of the world totaled $60.3 million, and represented 33% of total revenue for the first quarter of 2012. Click-based advertising revenue and display-based advertising revenue by geography are measured by the point-of-sale on which the transaction occurs.

Related-party revenues from Expedia totaled $51.6 million for the first quarter of 2012, a decrease of $2.4 million, or 4%, compared to the first quarter of 2011.

GAAP net income for the first quarter of 2012 was $48.1 million, or $0.35 per diluted share, compared to GAAP net income of $47.3 million, or $0.35 per diluted share, for the first quarter of 2011. For the quarter ended March 31, 2011, we computed diluted earnings per share using the number of shares of common stock and Class B common stock outstanding immediately following the spin-off from Expedia,as no TripAdvisor equity awards were outstanding prior to the spin-off.

Adjusted EBITDA for the first quarter of 2012 was $84.2 million, and Adjusted EBITDA margin was 46%, compared to Adjusted EBITDA of $82.0 million and Adjusted EBITDA margin of 55% for the first quarter of 2011.

Cash flow from operating activities for the first quarter of 2012 was $29.7 million, a decrease of $23.6 million, or 44%, compared to the first quarter of 2011. These decreases were due primarily to working capital adjustments related to the spin-off from Expedia, including the development of our public company infrastructure and resources.

Other First Quarter 2012 and Recent Business Highlights

• TripAdvisor grew its content base at a rate of more than 40 contributions per minute, reaching more than 60 million reviews and opinions on more than 570,000 hotels and accommodations, 800,000 restaurants and 180,000 attractions in more than 110,000 destinations, covering every country throughout the world.

• TripAdvisor announced a content licensing partnership with Wyndham Hotel Group and now has over 400 Content Syndication partnerships. In addition, TripAdvisor content can be found on more than 50,000 partner websites.

• TripAdvisor continued to deepen its Facebook integration, instantly personalizing the trip planning experience for nearly 120 million Facebook users as of March 31, 2012, up 34% since the end of 2011. Subsequent to the end of the first quarter, TripAdvisor rolled out the “Friend of a Friend” initiative, which allows Facebook-connected users to now see 10 times the amount of friend content, on average.

• TripAdvisor’s mobile app was downloaded an average of more than 25 times a minute and reached over 17 million total downloads. TripAdvisor had more than 23 million unique visitors per month via mobile devices as of March 31, 2012. Page views on mobile devices were up more than 250% year over year, with tablet page views growing more than 300% during that period.

• TripAdvisor launched its SeatGuru mobile app and also announced its new HTML5 crossplatform tablet app, now available on Android and iOS.

• TripAdvisor launched a new Business Listings dashboard, allowing property managers to track review activity, current popularity ranking and TripAdvisor rating, most viewed competitors, origin of visitors, dynamic page view graphs, top special offers and more.